TAP - comment

Tap’s conference call lasted a whopping 10 min longer than Intralot’s and also featured only two questions - again one from myself, specifically on the company’s failure to upload the presentation in time for the call. How TAP keep their planes in the air, we don’t know. So the call made little sense, and only revealed insecurity and paranoia to control the narrative. That is despite an otherwise uneventful presentation. Jet Fuel is 50% hedged for the first half of the year - then falling, which is in line with many other operators. RPK / ASK are well ahead of our model, indicating a more robust return of demand and capacity by about six months. Cash was only slightly weaker than model. TAP still need to raise further cash, but the recent strong development and clean restructuring should encourage investors. So are management paranoid or just badly organised?